Grantland Rice Co. has issued rights to its shareholders. The subscription price is $72, and 6 rights are needed along with the subscription price to buy one of the new shares. The stock is selling for $87 rightson.

a. What would be the value of one right? (Omit $ sign in your response. Round the final answer to 2 decimal places.)

Value of one right $

b. If the stock goes exrights, what would be the new share price? (Omit $ sign in your response. Round your intermediate and final answer to 2 decimal places.)

New stock price $